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Pound finds some upside momentum

CABLE

GBP extend gains, initially led by momentum selling in the USD.

  • USD weakness and better Brexit news seems to be helping the British Pound.
  • Some note of better short covering as Cable keeps failing at breaking through the 1.2700 handle, when you look at bigger picture on the chart.
  • Politico: hears from both sides that the mood this week has been positive, despite no big breakthroughs. "It seems like the tide is turning," an EU official said.
  • James Forsyth in the Times has heard similar positive soundbites.
  • Cable is back above the 1.2800 figure, and initial MNI tech resistance seen further out at 1.2867 High Sep 22

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